to article 9 of the U.C.C., governing secured transactions, take effect on July
1, 2013. To date, Texas and 27 other states have adopted these amendments, and
bills to adopt them are pending in several others. A white paper on the changes from Daniel Callahan,
Shareholder of Kessler and Collins, a new IBAT Associate Member, has been
posted on the IBAT website.
most significant amendments deal with the proper identification of debtors on
financing statements. Other changes relate to:
happens when a debtor changes its name, merges or relocates;
filing of information statements; and
the transition to the amended statute is to be implemented.
here to download the full white paper.